RM Auctions is calling its 2011 Arizona auction an unqualified success, posting a record $30.8 million in sales with a 96 percent sell-through — the highest ever in the event’s 12-year history. Helping boost the bottom line, four of the 180 cars offered sold for more than one million.

Perhaps the most surprising of those elite four was the sale of a 1955 Mercedes-Benz 300 SL for a whopping $1.375 million — blowing past its pre-auction estimate of $700,000-$800,000. The car is said to have had $300,000 lavished on it during its restoration five years ago, but had no special ownership or racing history.

The event’s top earner was a 1949 Ferrari 166MM Barchetta for $1,870,000. The car was a matching-numbers Mille Miglia veteran and the 10th of just 25 examples built.

There were 11 Ferraris up for grabs at the sale, including a 1965 Ferrari 500 Superfast, one of just 32 built, for $935,000; a 1973 Ferrari 365 GTB/4 Daytona Spyder, offered from the personal collection of Baseball Hall of Famer Reggie Jackson, for $880,000; and the ex-Jacques Swaters 1995 Ferrari F50 Show Car, showing less than 1,000 miles, for $742,500.

RM’s 2011 Arizona sale kicked off on Thursday with “The British Are Back” – an exclusive evening sale dedicated to the best of the British. Rolls-Royce claimed the top two sales of the night with a handsome 1932 Rolls-Royce Phantom II Newmarket Sport Sedan, one of just three original Brewster-bodied examples, bringing $440,000. Meanwhile, an extravagant 1921 Rolls-Royce 40/50 HP Silver Ghost Phaeton, built for the Calcutta Motor Show, realized $379,500. Rounding out the top three sales from the evening, a 1963 Aston Martin DB4 Series IV Vantage exceeded its pre-sale estimate, selling for $352,000.

The American Classics category was headlined by a rare 1933 Packard Twelve Sport Phaeton by Dietrich, which realized $1,760,000, closely followed by a 1929 Duesenberg Model J Dual Cowl Phaeton driven by Elvis Presley in the film Spinout for $1,237,500. The sale’s cover car – a spectacular 1931 Marmon Sixteen Coupe, one of only six survivors – also attracted spirited bidding, achieving $687,500 to set a new price level for Marmons.

RM Auctions’ next event is the Amelia Island sale in Florida, March 12, in conjunction with the famed Amelia Island Concours d’Elegance. The international auction house kicks off its European auction calendar May 21 with a new sale at the Concorso d’Eleganza Villa d’Este on the banks of Lake Como in Italy. For more details about RM’s Arizona event or upcoming auctions, head over to www.rmauctions.com.

I’d love to see both auctions. I actually though BJ & Speed did a good job of showing a variety of vehicles this year (at least up until Saturday) – it just wasn’t the usual parade of Camaro, Mustang, Corvette, Camaro, Mustang, Corvette…

Someone mention Barrett Jackson? I have to say that after watching some guy pay $80 K for an extra large dirt bike with an extra large cell phone attached, that I turned the channel. Barrett Jackson, for the common blue-collar guy, has ruined the best of the hobby for me. With everyone thinking they have the next $200k car, it makes it tough to afford the hobby. Watching rich guys paying vulgar prices so they can be on TV has lost its attraction. That said, what a beautiful Gullwing. A true icon that has been nudging the $1M mark for a while and deservedly so.

Even in Depressions there is an economic level that is insulated from circumstance. But I agree with Mr. Wiebke that prices are “out of control” but as always, the fundamental law of economics is that whatever you are selling is worth whatever someone else is willing to pay. Auctions also have a strong psychological factor going for themselves; just watch what happens when lust takes over reason.

This was a beautiful car. I was there when it sold. The RM auction, especially the Thursday night British are Back event, was far and away the best auction site in Scottsdale this past week. There is such a difference between RM & Gooding versus BJ and R&S. Like going to a symphony versus a circus.

I am heartsick. I was an original buyer of the most precious & beautiful car ever made! 1962 Chevy Impala Convertible SS, Nassau Blue. Traveled across country twice in 1963-1963 from Ct to L.A., Calif. How I wish I still had it & am thrilled to know there are still some left in our Great Country, USA!